Egypt May Sell First Yen, Yuan Bonds in Early 2019


Egypt is considering issuing its first Japanese yen and Chinese yuan-denominated bonds in the first quarter of 2019 as part of efforts to diversify funding sources and boost foreign inflows, Finance Minister Mohamed Maait said. The government has sold more than $13 billion in foreign currency-denominated bonds since it lifted most currency controls, raised interest rates and cut subsidies in November 2016 to help secure a $12 billion loan from the International Monetary Fund. Its first euro-denominated bond, issued in April, was oversubscribed. As volatility in emerging markets makes investors more cautious, however, the government is looking to expand its options. Maait visited Seoul this month, and Egypt has plans for non-deal roadshows in China, Japan, Malaysia and other Asian and European countries before the year’s out…

Read more : Bloomberg, 21.10.2018